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AUSTRALIA
PAPUA NEW GUINEA
NEW CALEDONIA
KESTREL ENERGY, INC.
The prospects for hydrocarbons in WA-254-P are considered very promising with current exploration efforts focussing on the Helicon and Sage Prospects.
The Helicon Prospect is considered from the current seismic and interpreted robust hydrocarbon effect indicator “flat spot” seismic amplitude anomaly to have significant oil potential in the target Jurassic sands, if hydrocarbons are present. Seismic acquired in October 1996 has been processed and interpreted and indicates that the Helicon Prospect has the potential to contain up to 252 million barrels of oil, if hydrocarbons are present. Victoria Petroleum N.L. and Kestrel Energy, Inc. will seek to farmout the majority of the drilling cost of Helicon-1, currently planned to commence drilling, subject to rig availability and farmout, in May-June 1996.
The Sage Prospect lies 35 kilometres south of the 150 million barrel Wanaea Oil Field and is interpreted as a potential updip oil accumulation to Rosemary North-1, which has an interpreted residual oil column of 9 metres.
The Sage Prospect is interpreted to have the potential to contain within WA-254-P, up to 27 million barrels of oil in the target Cretaceous and Jurassic sands, if hydrocarbons are present. The Sage Prospect is considered mature for drilling and is four kilometres to the northeast of the recent Saffron-1 oil and gas discovery in WA-1-P, held by BHP / Woodside / Santos.
The drilling results of Saffron-1, which encountered a cumulative 36 metre gas and 8 metre oil column of 51 degree API oil are considered highly encouraging for the presence of hydrocarbons in the Sage Prospect.
WA-261-P - Offshore Carnarvon Basin
Victoria Petroleum Interest - 30%
Victoria Petroleum N.L., as a member of the consortium of Victoria Petroleum N.L., Sun Resources N.L. and Capital Energy N.L. was awarded Exploration Licence WA-261-P on January 3rd, 1996.
WA-261-P, covering an area of 330 square kilometres is located immediately to the south and adjacent to the Apache Energy / Santos Limited permit WA-209-P, containing the Stag Oil Field.
The most recent appraisal well on the Stag Field, Stag-6H located 5 kilometres north of WA-261-P tested at approximately 6,300 barrels of oil per day. Several leads and prospects with targets at the same producing horizon as the Stag Oil Field are seismically interpreted as present in WA-261-P.
Immediate exploration effort will focus on planning of a 250 kilometre seismic survey in the first quarter of 1996 to define a drilling target for drilling in 1997.
Victoria Petroleum N.L. is the Operator of the WA-261-P Joint Venture.
EP 325 - Carnarvon Basin, WA
Victoria Petroleum Interest - (Direct and Indirect) - 23.06%
Spider-1 was drilled in MARCH 1996 to a total depth of 958 metres without encountering hydrocarbons in the target Cretaceous Birdrong Sandstone and subsequently plugged and abandoned as a dry hole.
The exploration focus in EP 325 has shifted to the western area of EP 325 to define an onshore drilling location for the Triassic White Opal Prospect.
The White Opal Prospect is interpreted from seismic data to have the potential to contain up to 243 million barrels of oil in the target Triassic sands if hydrocarbons are present.
The Leatherback Triassic oil discovery, 22 kilometres to the northeast of the White Opal Prospect, is encouraging for the present of further Triassic oil fields in the area.
Victoria Petroleum N.L. assumed operatorship of EP 325 in MARCH 1996.
EP 41 - Carnarvon Basin, WA
Victoria Petroleum Interest - 17.37%
During the quarter on-going incorporation of well and seismic data into a comprehensive data-base for EP 41 was continued by the Operator, Ampolex Limited.
This work has resulted in the definition of the Rough Range East Prospect, interpreted to have the potential to contain up to 44 million barrels of oil if hydrocarbons are present. Further seismic mapping of recently acquired seismic data will be carried out to further define the Rough Range East Prospect and leads in the Rough Range Fault area to determine possible drilling locations in late 1996.
EP 359 - Carnarvon Basin, WA
Victoria Petroleum Interest - 47.5%
During the quarter, Victoria Petroleum N.L. increased its interest in EP 359 to 47.5% with the withdrawal of Ampolex Limited and Enterprise Oil from the permit. Exploration by Discovery Petroleum, the new Operator for EP 359, is now focussed on the interpretation of the 1996 Melinda Seismic Survey and defining a drilling location on the Melinda Prospect.
EP 166 - Carnarvon Basin, WA
Victoria Petroleum Interest - 72.92%
A farmin agreement to shoot seismic and drill a stratigraphic test well Capricorn-1, in the southern portion of the permit has been reached with Australasian and North American Gas and Oil NL. It is expected that Capricorn-1 will may drilled in the second quarter of 1996, subject to rig availability and satisfaction of the funding conditions of the ANAGO Farmin Agreement.
ATP 333P - Bowen Basin, Queensland
Victoria Petroleum Interest - 100%
Following the experimental five kilometre seismic program carried out in June 1994, interpretation has shown that seismic has the potential to delineate the gas bearing sands of the Reids Dome Gas Field. A 25 kilometre seismic survey to extend the seismic coverage and attempt to define additional drilling locations was carried out in April 1996.
A further three well program, subject to the interpretation results of the recent seismic survey is planned for the second half of 1996.
The presence of the State Gas Pipeline to Gladstone has improved the access to market from this once-remote field. The Reids Dome Gas Field lies just 60 kilometres from the State Gas Pipeline.
ATP 465P - Bowen Basin, Queensland
Victoria Petroleum N.L. Interest - 20%
North Cherwondah-1 air drilled in October 1996 by Roma Petroleum N.L. as an updip test to the gas flows encountered in the Cherwondah-1 well, 400 metres to the south, in Triassic Clematus sandstones, reported non-commercial gas flows of up to 400,000 cubic feet per day..
Future exploration in ATP 465 will focus on delineating the gas potential of the Cherwondah Anticline in the deeper Permian sands of the Gyranda Formation.
ATP 471 P - Weribone Block - Surat Basin, QLD
Victoria Petroleum Interest - 20.65%
The Yarrabend No.5 gas well remains suspended with the Operator recommending a completion and testing program in the near future.
ATP 589P - Cooper/Eromanga Basin, QLD
Victoria Petroleum Interest - 60%
Victoria Petroleum NL was granted this southwest Queensland permit in September, 1994, and holds a 60% interest and Operatorship. This Cooper/Eromanga Basin permit is adjacent to the MIM Petroleum permit containing the 9.4 million cubic feet per day Bunya-1 gas discovery and recent OCA 4 million cubic feet per day Thylungra-1 gas and condensate discovery. The Springfield Gas Prospect, 22 kilometres northeast of Bunya-1, is estimated to have the potential to contain up to 115 billion cubic feet of gas and has been identified as an immediate drilling target, and subject to farmout will be drilled in the third quarter of 1996.
Significant Jurassic oil potential has been interpreted as present in ATP 589P in the Barcoo Junction-1 and Fraserburgh-1 areas, based on the oil shows seen in these wells when drilled in the 1980’s.
A Farmin Agreement has been executed with Rolmaster Pty Ltd, a private drilling company, whereby Rolmaster will drill in May-June 1996, Barcoo Junction-2, updip to Barcoo Junction-1, to earn an 80% interest in the Barcoo Junction Block and a following second well to earn a 60% interest in the Fraserburgh Block. The Barcoo Junction and North Fraserburgh Prospects are interpreted to have the potential to contain up to 45 million and 34 million barrels of oil respectively, if hydrocarbons are present.
Some 39 other prospects and leads have been identified in ATP 589 and are currently being evaluated as potential future drilling targets.
ATP 593P - Surat Basin, QLD
Victoria Petroleum Interest - 60%
Victoria Petroleum NL was granted this permit and operatorship in October, 1994. The primary targets in the permit are structural traps along the Merivale High trend which is the southern extension of the Merivale Fault system, along which the majority of the Denison Trough fields are located. Ten leads and prospects have been mapped along the Merivale High trend with potential reserves calculated at 84 million barrels, if hydrocarbons are present.
Reprocessing of the existing seismic data in ATP 593P has identified the Ventura Prospect, a Hutton/Precipice sandstone four way dip closed structure updip to the strong residual oil shows in the Hutton/Precipice sandstones in Don Juan-1, 800 metres to the southwest and in Flaneur-1, 2.5 kilometres to the south.
The Ventura Prospect, with the potential to contain up to 14 million barrels of oil, if oil is present, is ready for drilling, and subject to future successful farmout, the farmin options previously held by Magellan Petroleum Ltd and Maple Oil N.L. not being exercised, and rig availability, will be drilled in the third quarter of 1996.
ATP 608P Surat Basin, QLD
Victoria Petroleum Interest - 28% in Rookwood Block; 60% in Remainder
Victoria Petroleum NL was granted this permit and Operatorship in MARCH, 1994, and prior to farmout held a 60% interest in the whole permit. The permit is located on the western Surat Basin adjacent to several oil fields and includes the zero edge of the Boxvale Sandstone, the primary producing reservoir in the area. Several four-way dip closures are mapped and ready for drilling.
The Tarmoola Prospect, farmed out to IOL Petroleum Ltd, Omega Oil N.L. and Maple Oil N.L. to earn an interest in the Rookwood Block of ATP 608P, was drilled in MARCH 1996. Tarmoola-1 encountered an excellent Boxvale Sandstone target reservoir section without any hydrocarbon shows and was plugged and abandoned.
Future exploration will focus on the definition of those structures in the permit most likely to have been sited on past oil migration pathways in the permit.
EP 111 - Perth Basin, WA
Victoria Petroleum Interest - 10%
The Rosslyn Prospect will be drilled in early February 1996 to a depth of 1,000 metres. Rosslyn-1 will test the Cockleshell Gully sands, oil bearing at Mt. Horner 10 kilometres to the southeast. The Rosslyn Prospect is seismically interpreted to have the potential to contain up to 1.8 million barrels of oil, if hydrocarbons are present. Victoria Petroleum N.L. is the Operator for EP 111.
EP 201 - Perth Basin, WA
Victoria Petroleum Interest - 20%
The Farmin Agreement with Australasian and North American Gas and Oil N.L. has been withdrawn and EP 201 is in the process of being relinquished.
EPP 24 - Otway Basin, SA
Victoria Petroleum Interest - 7%
The Sophia Jane Prospect, drilled in July 1996 to 2300 metres, was plugged and abandoned as a dry hole with no significant hydrocarbons detected. EPP 24 contains the Troas gas discovery which is interpreted to have up to several hundred billion cubic feet of gas in the Troas structure. Several other major structures remain untested in EPP 24. A data review of the hydrocarbon potentials of EPP 24 is currently in progress.
Victoria Petroleum NL considers the offshore Otway Basin to have all the parameters to be a future major oil and gas province.
PEL 57 - Otway Basin, SA
Victoria Petroleum Interest - 10%
An evaluation of the petroleum potential of the northern part of PEL 57 involving seismic reprocessing has defined the McNicol Prospect, interpreted to contain up to 58 BCF of gas. Drilling of the McNicol Prospect is currently scheduled for the second half of 1996.
The recent major gas discoveries by BHP in the adjacent offshore Otway Basin are considered to have upgraded the hydrocarbon potential of the Otway Basin as a whole.
Menga-1 was drilled during MARCH, 1994, to a total depth of 1453m within the Koi-Iange Formation. Although testing of the objective intervals failed to recover hydrocarbons, strong oil shows were observed during drilling and within a sidewall core.
Subsequent interpretation of the Menga-1 data indicates updip potential of up to 60 million barrels in the Menga structure complex. The Muir Prospect, 20 kilometres to the southwest of the Ok-Tedi mine has been interpreted to have the potential to contain up to 180 million barrels of oil if hydrocarbons are present.
A 60 kilometre field survey is planned for the first quarter of 1996 to further define the Faium Prospect, currently interpreted to have the potential for up to 572 million barrels of oil, if hydrocarbons are present.
The Tumuli Prospect, with the potential to contain up to 374 million barrels of oil, remains a target for drilling in the eastern portion of PPL 106.
Victoria Petroleum N.L., by paying 50% of the October 1996, 49 kilometre seismic program over the Gouaro Anticline, has the option to earn a 50% interest in PRA 436 by paying 50% of the cost of drilling a well in 1996. The Gouaro Anticline is a surface anticline estimated from field mapping to have the potential to contain up to 214 billion cubic feet of gas or 122 million barrels of oil, if hydrocarbons are present.
A ready market for gas and oil is available in the adjacent industrial and Nickel refining operations in New Caledonia.
Kestrel Energy, Inc. is an active publicly listed NASDAQ US oil and gas production and exploration company, NASDAQ code “KEST”.
For the quarter ending September 1996, estimated net oil and gas production from Victoria Exploration Inc. and Kestrel Energy, Inc.’s United States operations was 66.6 million cubic feet of gas and 10,574 barrels of oil. Total estimated Kestrel and Victoria Exploration Inc. oil and gas production for the quarter was ______ barrels of oil equivalent.
Average Kestrel and Victoria Exploration Inc. estimated daily production was 0.7 million cubic feet of gas and 116 barrels of oil amounting to 238 barrels of oil equivalent per day.
[ Corporate ] [ Drilling Report ] [ ASX ] [ Quarterly Report ] [ Annual Report ]
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